With the rapidly evolving coronavirus crisis in Australia (and across the globe), many Australians are scrambling to ensure they have a valid will in place. Here are a few basic questions and answers that might help you decide what to do.
What is a will and why do I need one?
A will is a legal document that clearly states who you want to receive your assets when you die. Making a will is the only way to ensure your assets will be distributed according to your wishes. Studies show that at least 45% of Australians do not have a valid will. If you die without a will, your estate will be distributed according to a predetermined formula, and if your only living relatives are more distant than cousins, your estate will pass to the government.How do I ensure my will is valid?
For a will to be considered legitimate. it needs to comply with certain criteria:- Unless married, you must be over 18 years old
- It must be in writing whether handwritten, typed or printed
- It must be signed by the person making the will and witnessed by two or more witnesses
- You must have “testamentary capacity,” meaning:
- You know the legal effect of a will
- You must be aware of the extent of your assets
- You must be aware of the people who would normally be expected to benefit from your estate
- You must not be prevented by reason of mental illness or mental disease from reaching rational decisions as to who is to benefit from your will